Independent financial audit affirms City of Newcastle’s transparency and strong governance
- intouch Magazine
- Nov 8, 2024
- 2 min read
The Audit Office of NSW has given both City of Newcastle’s financial statements and its Roads to Recovery Grant Program its formal tick of approval for the past twelve months.
All councils in NSW undergo an annual financial audit that involves approximately three months of site visits, interviews with key staff, and access to any and all documents requested. Newcastle, largely due to the size of its budget, is audited by the Audit Office of NSW.
The process ensures that financial statements are free from errors or omissions and are prepared in line with accounting standards and legal obligations.
The 2023/24 financial year audit confirmed that City of Newcastle demonstrated responsible financial management, timely and transparent reporting, and effective collaboration with the audit team on key areas such as judgement, estimation, and asset valuation.
The audit found no matters of high or extreme risk, no fraudulent material misstatements, and no deficiencies in City of Newcastle’s reporting processes.
The audit also validated City of Newcastle’s valuations of infrastructure, property, plant, and equipment (IPPE), noting increases across several categories, including roads, buildings, stormwater drainage, and heritage collections. The fair value assessments followed appropriate methodologies and did not identify any issues.
Additionally, the audit confirmed there were no cybersecurity risks that could compromise the integrity of City of Newcastle's financial statements.
CEO Jeremy Bath said the audit outcome highlights City of Newcastle's capacity to consistently provide strong financial management while continuing to deliver essential services and infrastructure for our community.
"The audit found no significant risks, fraud, or issues with our reporting processes," Mr Bath said.
"It confirmed City of Newcastle is managing finances responsibly and providing clear and timely information while working effectively with auditors on important areas like asset valuations.
"These results reflect City of Newcastle’s commitment to strong governance and responsible financial management.
"I'd like to thank the entire team at City of Newcastle for their ongoing dedication to transparency and good governance."
The final audit opinion will be presented to the Council and public with the audited financial statements on 26 November 2024.
